YTCO(SH:600066) Zhong Guo Qi Che Bao Wang·2026-01-23 09:39Core Insights - The development of smart transportation and green logistics in China has accelerated since the "14th Five-Year Plan," with commercial vehicles playing a crucial role in public transport, road transportation, and production operations [1] - Yutong is committed to innovation in the commercial vehicle sector, focusing on safety, efficiency, energy conservation, and industrial capabilities, while transitioning from standardized production to scenario-based solutions [1][5] Group 1: Technological Innovation - Yutong invests over 5% of its annual revenue in R&D during the "14th Five-Year Plan," covering pure electric, hybrid, and hydrogen fuel platforms, achieving breakthroughs in key technologies [2] - The company has developed a new generation of high-energy battery systems with a warranty of 1 million kilometers over 10 years and 1.5 million kilometers over 15 years, addressing user concerns about vehicle reliability [2] - Yutong's intelligent connected solutions, including the "vehicle-road-cloud" system, have been developed over more than a decade, establishing a strong competitive barrier [2] Group 2: Value Chain and Ecosystem - Yutong extends its innovation chain to collaborate with upstream and downstream partners, building its own parts supply chain to create a comprehensive industrial ecosystem [4] - The company enhances the entire lifecycle value of commercial vehicles through its unique "full-chain model," ensuring industrial safety and high-quality development [4] Group 3: Scenario-Based Manufacturing - Yutong focuses on scenario-based manufacturing, addressing the needs of public transport, logistics, and operational scenarios, transitioning from standardized production to tailored solutions [5] - In the public transport sector, Yutong adapts its products to meet diverse demands, such as "age-friendly, small-scale, and specialized" buses, and high-end, customized travel solutions [5] - The logistics sector sees Yutong providing customized solutions, including the T6 light truck for urban and intercity logistics, and specialized vehicles for various operational conditions [7] Group 4: Green Transformation - Yutong promotes green transformation in engineering operations, offering solutions like electric garbage trucks and autonomous street sweepers to enhance urban efficiency and aesthetics [7] - The company has introduced third-generation electric mining trucks and hybrid models to support green mining initiatives, further advancing the development of unmanned smart mines [7] Group 5: Strategic Vision - Yutong envisions a future of autonomous research and development in the new energy commercial vehicle sector, contributing to the transformation from "Made in China" to "Created in China" [9]